The ex-NOCAL President and CEO further warned against the use of “amateur practice” for the sale or exploration of oil blocks in Liberia. Even if the coronavirus is contained to some level, low oil price will linger for some time with volatility. Oil Price Vs Exploration InvestmentAccording to Neyor, the outbreak is immensely contributing to a lower demand for oil. That means a rise in oil price leads to higher investment in exploration and vice versa,” he added. He stated that though oil companies didn’t like the idea because of the high cost associated, these companies were compelled to do so.

Source: Front Page Africa March 17, 2020 01:52 UTC